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<Research>BofAS Expects BIDU-SW (09888.HK) 4Q25 AI Cloud Infrastructure Rev. Growth to Slow, Keeps Buy Rating
Recommend 4 Positive 10 Negative 2 |
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BofA Securities issued a research report believing that BIDU-SW (09888.HK)'s 4Q25 results will be in line with expectations, with core business anticipated to recover from the trough in 3Q25 QoQ. Currently, it is forecasted that BIDU-SW's 4Q25 core revenue will grow by 7% QoQ to RMB26.5 billion, and adjusted operating profit will increase by 17% QoQ to RMB2.6 billion. Quarterly advertising revenue YoY decline is expected to narrow. The broker predicted that the revenue growth of BIDU-SW's AI cloud infrastructure in 4Q25 will slow due to a high base, but the full-year revenue growth will remain strong, with a YoY incline of over 30%. The operating cash flow for 4Q25 and the whole 2025 is estimated to remain positive. BofA Securities considered BIDU-SW's performance in China's AI sector to be outstanding. Recent catalysts and risks include the potential listing of Kunlunxin, shareholder return plans, dual primary listing in Hong Kong, and AI traffic competition risks. Therefore, the broker kept its target prices for BIDU-SW's H-shares/ US stock at $176/ US$180 each, and ratings at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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